K. Mahesh a resident of Nadu Street, Mylapore was arrested for fraud by the Central Crime Branch on Friday, May 11.
Mahesh, a city based realtor had obtained multiple bank loans by pledging forged document of a property in Mylapore in many banks.
He had acquired Rs.66 lakhs as loan from three banks for a this property on Abraham Street, Mylapore.
He was aided by his former employee Soundarya (30).
Police said Soundarya had recently started her own real estate business and used the same modus operandi and cheated two banks.
Mahesh had managed to get Rs.1 crore as loan from various other banks in the city.
This case is handled by the Anti Land – Grabbing Cell, Central Crime Branch (CCB).